Dubai: The UAE is ranked first in the in the Middle East and fourth worldwide in the Global Entrepreneurship Index (GEI) 2020, which places it ahead of the US, the UK and China. The country was placed fifth in the 2019 rankings.
Indonesia ranked first in the 2020 rankings, followed by the Netherlands and Taiwan. This was brought out by GEM (Global Entrepreneurship Monitor), which is provides a ready reference for the state of entrepreneurship in various countries.
"The ranking indicates the success of national efforts made over the past decade to develop the entrepreneurship sector and highlights SMEs as a main driver of economic diversification and sustainability," said Abdulla Bin Touq Al Marri, UAE Minister of Economy.
Of particular note, the country ranked second in the National Governments’ Response to the COVID-19 lockdown and its impact on the entrepreneurial sector. The UAE also ranked high on infrastructure and services with 7.3 points out of 10, outperforming the UK, the US, Spain, Austria and Germany.
"We will ensure the integration of new business models into the activities of entrepreneurs to improve their performances, make them globally competitive and enable them to keep pace with global developments and ultimately become active participants in the country’s economic transformation," said Al Marri.